Docs
Web3
eip
Eips

EIP 1559

Changes to fee model

before

  • First price auction
  • Miners sort by highest gas price
  • MetaMask enables slow, average, fast preferences
  • not ideal for users & expensive during peak times
  • Payment to miner = block reward + gas fee
  • Miner receives block reward + gas fee

problems

  • Predictable transaction fees
  • Delays in transaction processing
  • Confusing fee bidding system & unprocessed transactions

after

  • Base fee is set per block based on how congested the network is
  • Block size can be doubled from 12.5M Gwei to 25M Gwei causing the base fee to increase
  • Base fee can increase by 12.5% per block
  • Miner tip to incentivize miners to include transaction
  • Payment to miner = block reward + base fee + tip
  • Miner receives block reward + tip

differences

  • Less profit for miners
  • More network activity = more eth burnt = less Eth in circulation
  • Make gas fee lower? no